Binance Extends Backing For PEPE, WIF, ENA, WLD & Others, Price Rally Ahead?

Binance, a leading player in the crypto exchange realm, has sparked a discussion with its recent announcement to expand support for several cryptocurrencies, including Pepe Coin, dogwifhat (WIF), and Worldcoin (WLD). Notably, this move gained notable traction from the crypto community, with speculations rife about the potential impact on the prices of these digital assets.

Binance Boosts Support For Pepe Coin, WIF, WLD, & Others

In a bid to bolster altcoin trading, Binance has rolled out an enticing taker fee promotion for spot and margin trading pairs. Effective from May 21, 2024, users can avail of discounted taker fees on a diverse range of altcoin pairs, including PEPE/USDT, WIF/USDT, ENA/USDT, and WLD/USDT, among others.

Meanwhile, the introduction of this promotion underscores Binance’s commitment to fostering liquidity and activity across a broad spectrum of altcoins. By offering discounted taker fees, Binance aims to incentivize trading activities, potentially amplifying trading volumes and market participation for the supported cryptocurrencies.

In addition, this move also reflects Binance’s proactive approach to adapting to market dynamics and catering to the evolving needs of traders. By extending support for a diverse array of cryptocurrencies, Binance seeks to enrich its trading ecosystem, providing users with ample opportunities to explore and capitalize on emerging digital assets.

While the impact of Binance’s altcoin promotion on the prices of supported cryptocurrencies remains speculative, such initiatives typically garner attention from traders and investors alike. Notably, positive market sentiment generated by these major crypto exchanges often translates into upward price movements for the associated assets.

Also Read: Worldcoin (WLD) Price Tanks 10% Amid Strong Whale Deposits to Binance

How’s The Cryptos Are Performing?

As Binance continues to play a pivotal role in shaping the cryptocurrency landscape, its support for a diverse range of altcoins could pave the way for enhanced market liquidity and innovation. The forthcoming weeks are expected to witness heightened activity as traders capitalize on the discounted taker fees, potentially leading to increased price volatility and trading opportunities across the supported altcoin pairs.

Notably, in its announcement, Binance has also said to expand its support for several other cryptos than the ones mentioned above. In the recent update, the crypto exchange stated:

Starting from 2024-05-21 00:00 (UTC) until further notice, all users will be eligible to enjoy discounted taker fees on the following spot and margin trading pairs.:

PEPE/USDT, STRK/USDT, ENA/USDT, SUI/USDT, WIF/USDT, NEAR/USDT, OP/USDT, BONK/USDT, LTC/USDT, FET/USDT, ORDI/USDT, BCH/USDT, W/USDT, ARB/USDT, LINK/USDT, TIA/USDT, ETC/USDT, APT/USDT, RNDR/USDT, WLD/USDT.

Meanwhile, following the announcement, the Pepe Coin price soared 18.14% and traded at $0.00001036, while its trading volume skyrocketed 304% to $2.62 billion. The WIF price soared over 3% to $3.01, while the ENA price fell more than 9% to $0.7384. Simultaneously, the Wordlcoin price plunged more than 10% to $5.16 despite the Binance announcement today.

Also Read: OKX Unveils Australia Expansion, Adds BTC, ETH, SOL Trading Options

✓ Share:

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.